My fiancé and I are debating whether to buy our first (and most likely forever) home in the UK. We currently have a joint income (pre-tax) of c.£100k a year (and roughly £100k savings which includes our house deposit) and we can afford the house we love and save at the same time but any type of fun or holidays is off the cards for a bit (just to keep an emergency fund ticking high).
The economic outlook for the UK looks seriously bleak for the foreseeable and we look at affordable beach front apartments for rent in the UAE and think that being there for a couple of years doesn’t sound like the worst idea in the world.
We feel like this could benefit our personal finances much better by not paying stupid (but normal) interest rates on a mortgage, waiting for inflation to go back to normal and not enjoying life?
Has anyone done something similar or is thinking about doing it? Would really appreciate helpful thoughts/comments please!
I may well be wrong but I think you have to go abroad and be nonresident for tax for at least 5 years to escape the UK tax net otherwise they claim you never really properly left.